However, next month’s review, which will set January prices, will be from a new base price which lops off a further 1.6p/litre. This was agreed in December 2014 with a 12-month notice period which has now almost run.

The November price change elements included:

Better UK and EU cream markets in October, with AHDB recording a £40/t increase to £1,000/t

Concentrate costs tracked in the formula fell by 50p/t for October to £221/t for an 18% protein product

AN fertiliser values unchanged for the third month in a row – £232.50/t

Weak oil markets and another fall in red diesel prices – to 44.51p/litre